Tolima Gold Inc. Releases Third Quarter Financial Statements and Related Management´s Discussion and Analysis

TORONTO, ONTARIO--(Marketwire - June 29, 2012) - Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) is pleased to announce that it has filed its third quarter Financial Statements and Management´s Discussion and Analysis on SEDAR and on the company´s website www.tolimagold.com. Featured in the statement are milestones achieved from 30^th January to 30^th April 2012.

REMEDIOS PROJECT

• A total of 2,603 m of drilling and 9 drill holes have been completed in The Remedios project, intercepting so far six mineralized structures.
• The San Pablo plant, located within the historical gold district of Remedios and Segovia, in Antioquia, Department of Colombia re-started operations in January 2012.
• Tolima entered into a strategic partnership where a third party company provided material to be processed in the San Pablo plant while the Company's mines are being brought to commercial production. Under this arrangement, between January and May, 2012, Tolima processed 2,500 tons of material with a gold production of 83 oz Au.
• Development work continued in the San Pablo mine with approximately 167 meters of new galleries being added to access the mineralized structures, which will include a new shaft and four additional levels.
• Rehabilitation work continued in La Bartola Mine with dewatering of 120 m of vertical area and execution of a rehabilitation program which includes new rails, structure support and debris extraction.

ANCAL PROJECT

• A first phase of surface sampling in the Orofino and Pácora area was carried out from February 17^th to April 9^th, 2012. 62 rock and 44 active sediments samples were collected. As disclosed by the Company in its press release dated May 16, 2012, vein samples showed anomalous values as high as 5.9 g/t and 1.4 g/t in rock samples.
• In March 2012, the Company also began topography studies to start the geophysical program in the Orofino area.

NORTOL PROJECT

• Tolima completed a sampling program on its newly acquired "Papayo" project. As disclosed in the Company's press release dated February 1, 2012, sampling was carried out in existing mining works, including 112 channel samples of veins and host rock along the tunnels of the Papayo mine, with values as high as 66 g/t.

Information Concerning Tolima

Tolima is a gold exploration, development and production company with interests in mining properties in Colombia. Tolima's properties include the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, with over 12,000 hectares of exploration ground, two mines (the "San Pablo" and "Bartola" mines) and an operating gold processing and recovery plant located in the area of "San Pablo" with a capacity of 100 tons per day; the ANCAL Project, located in the Marmato/Caramanta district of the Caldas and Antioquia Departments of Colombia, including more than 28,000 hectares of exploration ground; and the NORTOL project, located in the Tolima Department of Colombia, including more than 40,000 hectares of exploration ground and the "Papayo" mine, which is being rehabilitated. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

Cautionary Statements

Some of the ownership interests in the Company's mining properties derive from applications for concessions or mining titles beneficially held, which are subject to formal assignment to the Company's operating subsidiaries. Such applications and assignment are subject to review by the relevant mining authority and to registration before the National Mining Registry of Colombia in order to confirm current compliance with the terms of each mining property and meeting with certain legal, financial and technical criteria. There is no certainty as to if or when issuance of mining titles from applications or formal registration of assignments will be achieved.

Forward-looking statements

This news release contains certain "forward looking statements" including, for example, the ability of Tolima to achieve formal assignment and registration of its mining properties and the ability to carry out exploration activities. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of government and third party approvals in respect of transferring assets, the state of the capital markets; tax issues associated with doing business internationally, the ability to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop the business. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, Tolima does not intend, and disclaims any duty or obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise.